Fenced Warehouse with Eight Bay
For Sale
$700,000
2337 Industrial Drive, Panama City, FL 32405
COMMERCIAL - Panama City, FL
Property Size4,320 SF
Lot Size0.73 Acres
Price / SF$162.04
Days on Market26
Property Features for 2337 Industrial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Left on 231, right on Sherman, Right on Industrial
Standard status
Active
Lot size
0.73 Acres
Taxes and HOA fees
Tax Annual Amount
1849
Utilities
Cooling system
Central Air
Building Details
Flooring type
Concrete
Roof type
Metal
Listing Agency:
Keller Williams Town & Country
(850) 201-4663
Listed By:
Brailey Horne · License #3596101
(850) 491-8099
Added: Jul 31
Changed: Aug 19
Last Checked: Aug 25 at 6:06PM
MLS# 403153
Copyright © 2026 Tallahassee Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This warehouse facility contains approximately 4,320 SF on a 0.73-acre parcel in Panama City. The building has eight bay doors configured for pick-up truck height and straight-truck height access, supporting loading, storage, and service functions. Concrete flooring, central air, and a metal roof are among the documented improvements.
The property is fully fenced and includes ample parking for business operations, equipment, and visitors. It is positioned within an established commercial and industrial area with access to major roadways. The configuration provides a practical setting for industrial, storage, service, or owner-user operations.
The property is fully fenced and includes ample parking for business operations, equipment, and visitors. It is positioned within an established commercial and industrial area with access to major roadways. The configuration provides a practical setting for industrial, storage, service, or owner-user operations.
Key Highlights
- Approximately 4,320 SF on a 0.73‑acre parcel
- Eight bay doors with pick‑up truck height/straight‑truck height access
- Fully fenced property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$37,148
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$742,960
$743.0K
Cap Rate 7%
$530,686
$530.7K
Cap Rate 9%
$412,756
$412.8K
Market Conditions
NOI Build-Up for 4,320 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.6K $10.56/SF
− Vacancy
−$1.9K −$0.44/SF
EGI
$43.7K $10.12/SF
− OpEx
−$6.6K −$1.52/SF
NOI
$37.1K $8.60/SF
Area
Walton County, FL
Vacancy
4.20%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$742,960
Cap Rate 7%
$530,686
Cap Rate 9%
$412,756
Alternative Uses
Best Use
Warehouse
$530.7K
$464.4K – $619.1K
NOI $37,148 @ 7.0% cap · market cap 5.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$950.6K – $1.27M
NOI $76,049 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32405, FL
28,158
Population
13,585
Households
2.1
Avg Household Size
40
Median Age
29%
College-Educated
92%
High-School Grad
18.8 sq mi
ZIP Area
1,498
Density / Sq Mi
$71,002
Median Household Income
$41,867
Median Earnings
$1,418
Median Rent
$255,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Gulf Coast Storage - Sherman — 1920 Sherman Ave, Panama City, FL 32405
- Heintz Designs Vintage Trailer Restorations — 2046 Sherman Ave, Panama City, FL 32405
- East Avenue Storage LLC — 2131 N East Ave, Panama City, FL 32405
- Bay Palm Self Storage — 2629 Canal Ave, Panama City, FL 32405
Frequently Asked Questions
What type of property is this?
Warehouse - Concrete-floor facility with central air, ample parking, and truck-height loading access.
Where is this warehouse located?
The property is located at 2337 Industrial Drive Panama City, FL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Approximately 4,320 SF on a 0.73‑acre parcel; Eight bay doors with pick‑up truck height/straight‑truck height access; Fully fenced property
